Top 7 Ways Farmers Are Saving Money in 2017

April 10, 2017 07:14 AM
 
Money

There’s more than one way to stretch a dollar. In fact, according to a March 2017 Farm Journal Media survey of more than 500 farmers, they’ve identified more than a dozen ways they plan to reduce or economize input costs in 2017. Seven in particular were the most popular.

Here were the top responses. (Note: Respondents were able to give more than one answer.)

1. Reduce farm equipment purchases (67%)

2. Delay non-equipment capital purchases (46%)

3. Employ no-till or low-till farming practices (43%)

4. Purchase less traited seed to reduce seed costs (29%)

5. Negotiate lower land rents with landlords (26%)

6. Increase variable-rate application of fertilizer and crop protection inputs (26%)

7. Reduce energy consumption (through better equipment maintenance and/or power generation (20%)

Other ideas farmers shared about reducing input costs include switching acres to another crop, purchasing fewer in-season inputs, reducing the use of agronomists or outside consultants, purchasing less crop insurance, restructuring loans to improve cash flow and firing or not re-hiring some personnel.

This study has been conducted annually each spring since 2012.

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Comments

 
Spell Check

Bob
Shawnee, KS
4/6/2017 02:09 PM
 

  Pete, I could not agree with you more. Some of these articles are way out of it.

 
 
Pete
Brookings, SD
4/6/2017 10:28 AM
 

  I don't know how # 1 and #2 are actually "saving" money. All you are doing is not spending cash you "don't have" instead of actually lowering the cost of production, or putting the inputs where they need to be like the balance of the answers. If the only way you are "saving" money next year is not purchasing or trading equipment, you aren't saving money.

 
 
Ed
Lincoln, NE
4/7/2017 11:55 AM
 

  My father died recently at the age of 93. He and mother still reside on their Nebraska farm. Dad talked about the 1930's doing without many things. He worked for others doing their chores, field work and other jobs to support my grandparents on their farm. He and grandpa saved pennies that led to buying farms, livestock and machinery. Today, there are means to saving dollars to adding net worth to the farm. Saving seeds for the next crop year, planting legumes for nitrogen in soil, reducing tillage to conserving soil moisture, crop rotations to break insect cycles, weed problems and diseases. That's the way grandpa farmed his way out of the dust bowl using his labor to plant trees, build terraces and dams, buildings and fences, repairing machinery and working on engines. Those are ways my brother is still working hard and making progress on the Family farm.

 
 

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